South Beach Real Estate: Housing Bottom
South Beach single family homes (especially waterfront luxury properties) that are truly good deals continue to be in short supply. I’d like to take this opportunity to highlight two latest sales in the island communities off Miami Beach which are indicative of a price bottoming trend:
Di Lido Island Turnkey Endless Water Views
Tropical paradise for that was on the market for sale for just 12 days at the final asking price of $2.9 Million. Master bedroom is surrounded by water and sunlight which opens to pool/deck. Wide bay views at the north tip of Venetian Island. The oversized living room, completely updated, is very comfortable and sunny. Courtyard/ circular driveway decorated bytrimmed landscaping and wrought iron sliding gate. Fabulous private pool overlooking the open bay, dock and other boat equipment.
Key “Market Bottom” indicators:
“For Sale” Price: $2,950,000 (12 days on the market at this reduced price point)
Original List Price : $4,700,000 (July, 2008)
Previous Price Reduction: $3,450,000 (January, 2009)
Bedrooms: 4
Bathrooms: 3
House S.F.: 3,734
Land S.F.: 13,408
Closed Price per S.F.(Land): $194
Closed Price per S.F.(House): $698
Previous Sold Date: 2004 ($3,150,000)
Closed Price: $2,610,000 (Sept 2, 2009)
Discount from Latest Asking Price: 11.5%
Rivo Alto Island Waterfront Charm- Completely Remodeled
South Beach Rivo Alto Island homes
Over 100 linear feet on Biscayne Bay, on the preferred southern side of the Venetian Islands. This Mediterranean delight greets with a beautiful courtyard setting reminiscent of a European Villa. Gracious living areas and authentic touches throughout. Upstairs are 3 bedrooms with Water Views in main home. The sale also included a separate two story adjacent guest house.
Key “Market Bottom” indicators:
“For Sale” Price: $2,590,000 (19 days on the market at this ACCURATE price point)
Bedrooms: 4
Bathrooms: 4
House S.F.: 3,894
Land S.F.: 13,382
Closed Price per S.F.(Land): $175
Closed Price per S.F.(House): $740
Previous Sold Date: 1998 ($950,000)
Closed Price: $2,350,000 (Sept 1, 2009)
Discount from Latest Asking Price: 9.2%
Biscayne Island- Incredible Land “Steal”
DOUBLE LOT ON BISCAYNE ISLAND THIS HOME NEEDED TO BE UPDATED. BISCAYNE ISLAND IS ONE OF THE VENETIAN ISLANDS LOCATED ON THE MIAMI SIDE. LOCATED AT THE END OF THE STREET IN A PRIVATE CUL DE SAC SURROUNDED BY MILLION DOLLAR HOMES. THIS ONE SOLD FOR WELL BELOW LAND APPRAISED VALUE. LOCATED JUST MINUTES FROM THE NEW PERFORMING ARTS CENTER, BEACHES, LINCOLN ROAD, OCEAN DRIVE, THE AIRPORT, DOWNTOWN, ENTERTAINMENT, SHOPPING AND MORE.
Key “Market Bottom” indicators:
“For Sale” Price: $700,000 (207 days on the market at this price point)
Original List Price : $1,500,000 (July, 2007)
Bedrooms: 3
Bathrooms: 2
House S.F.: 1,888
Land S.F.: 14,760
Closed Price per S.F.(Land): $38
Closed Price per S.F.(House): $301
Closed Price: $570,000 (July 24, 2009
Discount from Latest Asking Price: 18.5%
What we’re seeing (again) is that South Beach waterfront and non-waterfront single family homes that are priced RIGHT have multiple offers and sell relatively quickly.
If you’re a potential buyer interested in purchasing, NOW is the time to pull the trigger if you qualify for a mortgage (count on putting 30% cash down of appraised value) or have the cash to invest in remodeling a home. My advice is that under no circumstances should buyers be seeking to potentially “flip” or plan on making a profit on their property for AT LEAST five years.
Add comment September 21, 2009
South Beach Real Estate: Choosing An Agent in Buyer’s Market
Without a doubt it can be said that we are in a buyer’s market, but does that mean it is easy to get a great deal when buying properties in South Beach? Not so! Unfortunately, there are agents who lack negotiation skills and with sloppy works make it difficult to complete a sales transaction. Also, we’ve seen many buyers overpay due to poor communication and negotiation skills on the part of their real estate agent. A good listing or buyers agent is well worth their commission, and can save their clients thousands and perhaps even hundreds of thousands of dollars.
Add comment September 8, 2009
Latest Sales of Miami Beach Homes Indicate Housing Bottom
Miami Beach waterfront homes and luxury properties are limited in supply, and with most major financial news experts announcing a “housing bottom”, I’d like to take the opportunity to show how two recent sales in Venetian Islands and Biscayne Island of Miami Beach indicate the conclusion.
Turnkey Home in the Venetian Island
This waterfront home in the Venetian Islands has stunning, direct, Downtown Miami and bay views. With 3,586 square foot of property, this home was renovated with 3 bedrooms, a great kitchen, media room and maid’s bedroom/bath. Facing west, with pool, boat dock and 60′ of waterfront.
Key “Market Bottom” indicators:
“For Sale” Price: $3,200,000 (20 days on the market at this reduced price point)
Original List Price : $4,200,000 (May, 2009)
Discount from Latest Asking Price: 12.5%
Previous Price Reduction: $3,400,000 (June, 2009)
Bedrooms: 4
Bathrooms: 5
House S.F.: 3,586
Land S.F.: 10,500
Asking Price per S.F.(Land): $304
Previous Sold Date: 2004 ($2,225,000)
Closed Price: $2,800,000 (August 11, 2009)
Biscayne Island- Wide Bay Fixer Upper
Opportunity to complete the remodeling of this Spectacular Waterfront residence located on the Miami side of the Venetian Island chain. The new owners will enjoy the Panoramic water views of a home located on a 15,000 lot.
Key “Market Bottom” indicators:
“For Sale” Price: $2,137,500 (5 days on the market at this reduced price point)
Closed Price: $2,030,000 (July 16, 2009)
Original List Price : $6,7500,000 (February, 2007)
Previous Price Reduction: $2,500,000 (March, 2009)
Bedrooms: 3
Bathrooms: 4
House S.F.: 4,010
Land S.F.: 15,000
Asking Price per S.F.(Land): $142
Previous Sold Date: 01/2007 ($5,350,000)
Discount from Latest Asking Price: 5%
If you’re a potential seller of waterfront real estate in Miami Beach and cannot hold on to your property because of negative cash flow (probably if your housing expenses total more than 31% of your gross income), the smart approach is to price right. Working with a knowledgeable, honest, and experienced sales agent is the key here, and the price needs to be based on the last three to six months of closed sales. My team and I have experienced that Miami Beach waterfront properties- whether they are single family homes or condos which are priced RIGHT have multiple offers and sell quickly.
If you’re a potential buyer interested in purchasing, NOW is the time to pull the trigger if you qualify for a mortgage (count on putting 30% cash down of appraised value). My advice is that under no circumstances should buyers be seeking to potentially “flip” or plan on making a profit on their property for AT LEAST five years. There are many reasons why we can expect to see an initially FLAT and then GRADUAL price appreciation for Miami Beach’s real estate market for several years. Times have indeed changed, but the opportunity to purchase a discounted PRIME waterfront single family home or condo is now!
Add comment August 18, 2009
Miami Beach Real Estate Website with all Homes and Condos information
Over the past few months, My team and I worked hard to bring our clients, online visitors, buyers, and sellers an updated user-friendly site. TheKleerTeam.Com has been updated to be the most adavance, comprehensive, and informational online real estate resource site for Miami Beach. The new Miami Beach Real Estate site will provide our visitors with one-stop soulution for obtaining information on bank-owned properties, short sales, and foreclosures.
With all the advance tools provided, visitors can research closed sales of Miami Beach single family homes and condos, condos for rent, and all the luxury properites and community information. Also offering buyers and sellers access to legal, mortgage, interior design, home staging services, and concierge information. Be sure to look on the right hand side panel for new additions and services. We are constantly upgrading our online presence and adding new features as requested by users from around the world.
Our “En Espanol” section of the website provides properties information and direct marketing of properties to South American buyers and brokers. Users also have the option to search for properties in Portuguese, French, German, and Italian. These features allow us to promote homes and condos for sale in Miami Beach to a truly global audience.
Add comment August 7, 2009
Luxury North Bay Road Home in Miami for Sale – Deal of the Month
North Bay Road Home in Miami Beach
Luxury two story Mediterranean home with spectacular waterfront view is a charm in North Bay Road of Miami Beach. An expansive home with a living area of 8,585 sq.ft., this luxury home offers large open spaces, high ceilings, all rooms oversized with bay views from most areas. This is a gated waterfront property, needs 24-hour notice to show. Huge garage with two-car with maids quarters attached.
Waterfront view of Miami
: Spectacular bayfront view, oversized lot, great location on North Bay Road, 20K+ S.F. of lot
: Orientation towards North, some parts of home need updating
“For Sale” Price: $4,390,000
Tax Value Appraised Price : $4,975,000 (2008)
Bedrooms: 5
Bathrooms: 6
House S.F.: 8,585
Land S.F.: 20,500
Asking Price per S.F.(Land): $214
Previous Sold Date: 1994
Discount from Appraised Price: 12%
Add comment July 28, 2009
Star Island Miami Beach – Island Community for the Stars
Star Island is an island community of single family Homes, whose residents include Gloria Estefan, Rosie O’Donell, Shaquile O’neal, Daniel ‘Tommy’ Mottola, and business leaders such as Phillip Frost and Susan Miller. Star Island is the most exclusive of the tri-island and homeowner association comprised of Star, Palm and Hibiscus Islands. Most notably, in the midst of the most severe housing downturn in a generation, high end estate homes such as the one highlighted below sold in just four months. Also of note is that the discount from the original asking price is relatively small.
Star Island – Old World Charm Home
Star Island Luxury Home
Located on an oversized 48,300 SF lot with over 220 linear ft. of watefront, this classic southern-style home features Old World charm. Featuring Southern and Eastern exposure towards Miami Beach, Fisher Island, and the cruise ships. Located only five minutes away from all the excitment of South Beach. This single family estate offers exclusivity, privacy and is located on a 24 hour guard gated island community. Owners dock their yachts and live among the stars (the next door neighbor is Rosie O’Donell)!
: Oversized Waterfront Proeperty with 220 ft. on Water, Spectacular location on Star Island, Gated Island Community
: Orientation towards busy causeway and potential for traffic noise.
Sold Price: $8,100,000 (2008)
Original Asking Price : $9,750,000 (2008)
Bedrooms: 6
Bathrooms: 6
House S.F.: 4,720
Land S.F.: 48,300
Sold Date: September, 2008
Sold Price per S.F.: $1,716/S.F.
Discount from Original Asking Price: 17% (132 days on market)
Source: SouthEastFlorida Regional MLS (small font)
Add comment June 16, 2009
South Beach Waterfront Homes and Condos – Real Property Values
A lot of my clients ask me what makes a property, specifically South Beach waterfront home or condo, a great deal. And today’s active buyers want to know more about prices and how low can it get. South Beach luxury condos, such as Continuum South Beach, Murano at Portofino, Portofino Tower, Icon South Beach, and Murano Grande have seen a surge in sales activity in the past few months. Luxury waterfront homes and condos in South Beach are now selling at significantly discounted prices.
The recent sales of South Beach homes and condos demonstrate that buyers are willing to purchase luxury waterfront properties if priced right and significantly discounted from 2006 prices. But what is the right price for a luxury property? It all depends!
To demonstrate examples of “great deals,” take a look at some of the recently sold South Beach condos and waterfront homes:
Continuum South Beach – South Tower PH-1
Continuum Penthouse
Magnificent and massive South Beach oceanfront 3-level penthouse. 360 views, 5 bedroom/7.5 bath, 13′ ceilings (26′ in dining room) & 7,000SF under a/c, pool, Smart house touch panels integrate high-end audio, video, auto shades, HVAC, lighting, security, 4-plasma TVs, wi-fi, private elevator, all on top of the most exclusive 13-acre gated enclave with spa/club, 3 tennis courts, 3-pools and 2 rest. at the southernmost tip of the most exciting part of South Beach. Also included in the sale were four private parking spaces.
: 12 acres on the Ocean, 360 degree views, One of a Kind Three Level Penthouse
: None
Sold Price: $9,900,000
Original Asking Price : $25,000,000
Previous Sales Price (2003) $7,000,000
Bedrooms: 5
Bathrooms: 8
Condo S.F.: 7,374
Sold Date: May 15, 2009
Sold Price per S.F.: $1,342
Discount from Original Asking Price: 60.4%
Bentley Bay Condo – South Beach Design Group Showcase Condominium
Bentley Bay Condo # 1811
Amazing 270 degree views of Downtown Miami, Star Island, Fisher Island, and the Ocean from this contemporary designed two bedroom condominium. Terrazzo floors, custom lighting, clean design and decorator appointed finishes. The original owners had spent well over $200,000 in upgrades and finishes alone!
: 270 degree views of Biscayne Bay, Downtown Miami, and the Ocean, beautiful finishes & design. Boutique Building.
: High Maintenance Fees and construction issues at The Bentley Bay
Non-MLS Sold Price: $480,000 (2009)
Original Asking Price : $1,595,000 (2005)
Previous Sales Price: $1,090,000 (2006)
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,250
Sold Date: May, 2009
Sold Price per S.F.: $384/S.F.
Discount from 2006 Asking Price: 72%
Palm Island Single Family Home with Old World Charm
Palm Island Miami Home
Beautifully updated 2-story Mediterranean charming home on exclusive, guard-gated Palm Island. Paradise living on secluded island just minutes from the excitement of South Beach and downtown Miami. Easy commute anywhere in South Florida. Walk to new park/playground/tennis courts. 4 bdr/ 3 bth, updated kitchen, marble baths. Open & bright design.
: Charming Home, Spectacular location on Palm Island, Gated Island Community
: Small Lot, some work needed on property
Sold Price: $660,000 (2009)
Original Asking Price : $1,749,000 (2006)
Bedrooms: 4
Bathrooms: 3
House S.F.: 2,616
Land S.F.: 5,775
Sold Date: May, 2009
Sold Price per S.F.: $252/S.F.
Discount from Original Asking Price: 62%
Palm Island Single Family Home -Waterfront Double Lot
Coconut Lane Home - Palm Island Miami
Waterfront home on a double sized lot with lush landscaping, 100 ft of open bay on 24 hour gate guarded Palm Island. Amazing views of downtown Miami and Cruise ships. The home included a private dock with Boat Lift, a two car garage, sauna, outdoor shower, pool, large entertainment room, and even a real working fireplace. Marble and wood floors throughout, stainless steel appliances, Hurricane Impact windows, and a balcony as well as covered Patio on the second floor to enjoy the views!
: 100 ft. Prime Waterfront Lot, Spectacular location on Palm Island, Gated Island Community
: Home needed some updating
Sold Price: $2,700,000 (2009)
Original Asking Price : $5,800,000 (2006)
Bedrooms: 3
Bathrooms: 3
House S.F.: 3,180
Land S.F.: 14,000
Sold Date: May, 2009
Sold Price per S.F.: $849/S.F.
Discount from Original Asking Price: 53%
Add comment June 2, 2009
Bank-owned (REO) and Foreclosure homes in Miami Beach
As the current Miami Beach Real Estate market is recovering, I am receiving a lot of inquiries and requests from buyers (both American and international clients) on the possibility of buying a foreclosed or bank owned Miami Beach home. However, there is still a big gap between high-end luxury homes and less desireable waterfront and non-waterfront properties. Most importantly, there is a significant increase in buyers activity on the market due to unfreezing of the credit market for qualified buyers.
To highlight the gap between the turnkey foreclosure waterfront homes and hard-to-sell mid-to-lower range single family homes, I’ve selected few closed sales bank owned homes in and around Miami Beach. Note that these are not short sales, but only classified as REO sales (Bank owned and approved).
North Bay Road- Bank Approved Sale
North Bay Road Foreclosed home in Miami Beach
Bank Owned, located on prestigious North Bay Road with nearby mansions and waterfront estates. Corner lot surrounded by privacy hedge. Open floor plan, designer stainless steel kitchen, terrazzo, limestone floors, formal dining room, family room, breakfast room, alarm system, sprinkler system.
+ : Great Location
- : Small corner lothouse needed some work due to recent neglect
Sold Price: $520,000 Original
Asking Price : $1,350,000 (2007)
Bedrooms: 4
Bathrooms: 3
House S.F.: 2,474
Land S.F.: 6,978
Sold Date: March 6, 2009
Original Asking vs Sold Price: 39%
Alton Road- Significantly Reduced Turnkey Waterfront Home
Foreclosed home in Alton Road Miami Beach
A 1930’s Mediterranean large home with guest house. Renovation was completed in 2006 with luxury touches throughout The additional amenities of this beautiful estate include: polished marble floors, a custom masonry fireplace, gas appliacnces,movie theater out door fountains with 5 bed and 4 and 1/2 baths.
+ : Complete renovation & charm
- : Located on busy Alton Road & limited appeal
Sold Price: $520,000
Original Asking Price : $2,200,000 (2006)
Bedrooms: 5
Bathrooms: 4
House S.F.: 3,223
Land S.F.: 7,320
Sold Date: April 22, 2009
Original Asking vs Sold Price: 24%
Biscayne Point- Gated Community Land Value Teardown Sale
Miami Beach Foreclosure Home
Bayfront vacant home that was sold “as is” by the lenders, gated community with wide bay views. Minutes from the Ocean, rare Bayfront lot with 75′ of waterfrontage.
+ : Waterfront lot with Wide Bay Views, Gated Community in Miami Beach
- : Complete rehab / teardown house
Sold Price: $500,000
Original Asking Price : $1,200,000 (2004)
Bedrooms: 3
Bathrooms: 2
House S.F.: 1,816
Land S.F.: 7,500
Sold Date: March 12, 2009
Original Asking vs Sold Price: 42%
Finally, to illustrate the dramatic difference with turnkey waterfront homes, I’d like to highlight another recent sale on Miami Beach’s North Bay Road, where the home was on the market for just TWELVE DAYS:
North Bay Road- Wide Bay Home
Luxury Miami Beach Foreclosure Home
This was one of the best waterfront deals on Miami Beach. Wide bay views with 77 FT on the water and a 254 FT deep oversized lot. This home is sparkling clean and livable “as is”.
Sold Price: $3,200,000
Asking Price : $3,900,000
Bedrooms: 4
Bathrooms: 5
House S.F.: 4,006
Land S.F.: 19,685
Sold Date: March 11, 2009
Original Asking vs Sold Price: 82%
Add comment May 19, 2009
Improvement in Miami Beach Real Estate Market
The buyer activity in Miami Beach Real estate has increased significantly over the past month for “A-grade” real estate properties. The grade “A” properties are defined as:
- Waterfront South Beach condos such as the Murano, Murano Grande, Icon South Beach, Portofino Tower, Continuum South Beach, and other affordable bayfront condos such as The Waverly and The Floridian on West Ave.
- Luxury waterfront single-family homes located on the island communities of Venetian, Palm, Hibiscus, and Sunset Islands.
Whether it’s a waterfront home or luxury condo, aside from being an “A” grade property in today’s buyers market an additional requirement is that the property be a turnkey, or completely remodeled and updated. In other words, the only additional expense a buyer has to be concerned with is moving in with their furniture and personal belongings.
It’s been our experience recently that single family homes and condos, when priced RIGHT, are bombarded with buyer interest and generally receive multiple offers. We are witnessing a new surge of buyer interest in these “A” location properties in the South Beach and the greater Miami Beach real estate market. Our real estate websites are also seeing a dramatic increase in traffic, with local cooperating brokers calling with inquiries and sending us multiple sales contracts.
All of these signs are indicators that the bottom is very close to being reached, and sales are beginning to come back, with prices to GRADUALLY follow as the “A” inventory diminishes.
A few examples of “A” real estate properties currently on the market:
Venetian Island – Greatly Reduced Waterfront Home
Rivo Alto home in Venetian Islands Miami Beach
Romance is felt throughout this Mediterranean waterfront home situated on 10,500 sf of land, spanning 60 feet of wide bay waterfront facing the Miami skyline. This timeless residence with unique architectural features contains over 4,117 sf of living area, with 5 bedrooms, 6 full and 2 half baths.
Current Asking Price: $3,199,000
Original Asking Price : $4,250,000
Bedrooms: 5
Bathrooms: 8
House S.F.: 4,117
Land S.F.: 10,500
Waterfront: 60 ft. with Dock
San Marino Island- Significantly Reduced Turnkey Waterfront Home
San Marino Waterfront Home in Venetian Islands
A fantastic opportunity to own an oversized waterfront lot. This Mediterranean waterfront estate has 90 feet on the water, located on the Venetian Island causeway between Miami and Miami Beach. Beautifully redone with gourmet kitchen, brazilian cherry hard wood flooring, fireplace, office/library, and award winning landscaping!
Current Asking Price: $2,950,000
Original Asking Price : $4,599,000
Bedrooms: 4
Bathrooms: 5
House S.F.: 3,370
Land S.F.: 15,750
Waterfront: 90 ft. with Dock
Portofino Tower Condo- Spectacular Atlantic Ocean, Fisher Island, and Miami Beach Skyline Views
View from the Miami Beach Portofino Tower Condo Unit #3402
This high floor condominium is a real flow through floorplan with two expansive and very private terraces with the most stunning views of Fisher Island, Downtown Miami, Miami Beach and the Ocean. A Grand Foyer entrance, floor to ceiling windows, a unique floorplan, and the most exquisite upgrades make this condomimium one of a kind.
Current Asking Price: $1,500,000
Original Asking Price : $1,795,000
Bedrooms: 2
Bathrooms: 3
Condo S.F.: 1,960
Add comment April 30, 2009
